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Crypto

Sh Suhyup Bank secures 14.95% stake in Infiniteblock to expand digital asset business

Sh Suhyup Bank has secured a 14.95% stake in South Korean digital asset custodian Infiniteblock and will seek new businesses related to digital assets. The bank said it signed a strategic partnership agreement at its headquarters in Seoul, attended by CEO Shin Hak-gi (신학기) and Infiniteblock CEO Jung Gyu-tae (정규태). The investment makes Suhyup Bank a joint second-largest shareholder. The firms plan cooperation on new business models and blockchain-based technology.

Crypto

BitGo Korea\'s VASP report accepted in first case for a global firm

BitGo Korea, the Korean unit of global digital asset infrastructure firm BitGo, has completed the process for its virtual asset service provider (VASP) report to be accepted. The company said South Korea\'s Financial Intelligence Unit accepted its VASP report on Aug. 18. BitGo Korea said this was the first time a global digital asset company set up a new local entity and had its VASP report accepted. Hana Financial Group and SK Telecom are major shareholders.

Crypto

Hekto Innovation, BEATOZ to cooperate on hybrid blockchain stablecoin business

IT information services firm Hekto Innovation signed a memorandum of understanding with digital finance infrastructure company BEATOZ to cooperate on a hybrid blockchain-based stablecoin business, it said on Aug. 13. The companies plan to combine blockchain infrastructure and digital asset wallet technology to work across stablecoin issuance, distribution and use. They will launch a proof of concept verifying processes from issuance to burning, using Hekto Group employee welfare points in a limited environment.